Lebenthal Snags $1.2B Team From Morgan Stanley

Mar 25, 2014

A $1.2 billion advisor team walked away from Morgan Stanley for Lebenthal Wealth Advisors on Tuesday, saying they wanted to take advantage of an unconflicted service model and more advanced technology.

Principals of the Gallaway Stern Group, Carrie S. Gallaway, and Andrew L. Stern, left Morgan Stanley after 15 and 17 years, respectively. The team, which consists of five advisors and three assistants, will be based in Lebenthal's Manhattan office. Lebenthal is also opening a new office in Bridge Hampton, N.Y., which Stern will also utilize for his Long Island clients.

“The ability to chose among a number of custodians and providers offered by Lebenthal empowers us to present to our clients the choice and competitive pricing they deserve and expect from us,” Gallaway said in a statement Tuesday.

Stern—who oversees investment management, asset allocation and portfolio construction—said that in moving, the group was seeking to partner with an organization that would enable us to be totally independent fiduciaries.

“Lebenthal offered not only the backing of a powerful and well respected brand, but advanced technology and institutional level portfolio and risk analysis tools that will enable us to monitor and adjust in real-time our clients’ portfolios.”

The team specializes in managing welaht for high-net-worth individuals and families. Gallaway and Stern join Lebenthal as managing directors, while Jimmy E. Janeczek, Leigh T. Moglia, and Alexander P. Tuasonjoin as vice presidents of wealth management.

Frank Campanale, Chairman and CEO of Lebenthal Wealth Advisors called the Gallaway Stern Group’s decision to join the firm an “incontrovertible testimonial.”

“Throughout their career, Carrie and Andy have won respect and recognition from their clients and the financial community for the high quality of their work, integrity and client centric philosophy,” Campanale said. “They come to Lebenthal to become part of a culture that empowers them to deliver the best client service, un-conflicted advice and act as true fiduciaries.”